American car market began to recoverApril 23, 2020
Car retailers in the United States are starting to recover from the massive March recession associated with an outbreak of coronavirus and a nationwide quarantine.
According to JD Power analysts, retail sales have stabilized in the first two weeks of April and are currently showing signs of recovery. During the first 19 days of April, about 300,000 new cars were sold.
“In the week ending April 19, retail sales were down 48% from the forecast before the pandemic, which is 3 percentage points more than in the week of April 6-12,” says JD Power analyst Tyson Jomini.
JD Power experts said that soon the used car market will return to recovery, which is expected to recover in the second half of the year, when demand increases. According to the company, in March, sales in some areas of the country with a high level of infection, such as New York, fell by as much as 80%.
The smallest drop was noted in the segment of light pickups – sales fell by only 16%.
Analysts said Wednesday sales in May will be crucial for the auto industry, as quarantine easing and previously limited consumer demand are affecting car sales in several states. In addition, discounts and promotions offered by car manufacturers may have a positive effect. Many companies, including General Motors, Ford Motor and Fiat Chrysler Automobiles, offer interest-free loans and deferred options when buying new cars.
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